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I’ve worked on events for over 20 years. I recommend keeping it short to 2-3 days. The beginning of the week works best, because they can fly in early Sunday for a free day, plus midweek flights are cheaper going home. Don’t create a full day of activities on day 3. Mornings only.
Companies are cutting travel budgets as you know. So if you have a virtual option, most will opt for that. Create some exclusive in-person programs to encourage attendance.